Kimball Electronics Board Approves Plan To Cease Operations Of Tampa Facility By End Of The Fiscal Year

Kimball Electronics, Inc. -0.81%

Kimball Electronics, Inc.

KE

29.51

-0.81%

The company expects to incur approximately $8 million to $11 million in total exit costs, including most significantly $6 million to $7 million in employee termination benefits and $2 million to $3 million in logistical costs to transfer and validate programs at other facilities. It expects these costs to be predominantly cash expenditures. Once the transfers are complete and operations have ceased, it expects to sell the building and land in Tampa.

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